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SEC Charges Hedge Fund with 13D Violation

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The SEC charged a hedge fund sponsor that manages private funds and separately managed accounts focused on global distressed, special situations, and opportunistic investing with failure to timely file a Schedule 13D. The hedge fund had previously reported its holding on Schedule 13G. The hedge fund had a senior managing... Read More

Topics: Investment Advisers, Litigation, Private Equity, Public Companies and Securities

SEC Proposed Interpretive Guidance for Investment Advisers: Implications for Private Equity

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The SEC’s recent proposed guidance for investment advisers has implications for private equity sponsors.  Perhaps the most important part of the guidance for private equity sponsors is that related to the duty of loyalty which addresses conflicts of interest.  By nature the sponsor’s relationship with investors is complex, and inherent... Read More

Topics: Investment Advisers, M&A

SEC Invites Regulated Entities to Voluntarily Submit Self-Assessments of Diversity Policies and Practices

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The SEC Office of Minority and Women Inclusion, or OMWI, invited entities regulated by the SEC to submit a Diversity Assessment Report. Entities regulated by the SEC include broker-dealers, investment advisers, investment companies (mutual funds), transfer agents, municipal advisors, private fund advisers, clearing agencies, nationally recognized statistical rating organizations, national... Read More

Topics: Broker-Dealer, Employment, Investment Advisers, Municipal Advisors, Private Equity

SEC Identifies Most Frequent Compliance Issues Associated with Advertising by Investment Advisers

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The SEC’s Office of Compliance Inspections and Examinations has provided a list of compliance issues relating to Rule 206(4)-1, which is referred to as the Advertising Rule, under the Investment Advisers Act of 1940. In general, the Advertising Rule prohibits an adviser, directly or indirectly, from publishing, circulating, or distributing... Read More

Topics: Investment Advisers, Private Equity

SEC Charges Chief Compliance Officer for Failure to Verify Information

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David I. Osunkwo was a principal at Strategic Consulting Advisors, LLC, or SC Consulting. SC Consulting offered compliance consulting and CCO services to two SEC registered investment adviser firms under common control, Aegis Capital, LLC and Circle One Wealth Management, LLC. Respondent Osunkwo, a principal at SC Consulting, was designated... Read More

Topics: Investment Advisers, Litigation

OCIE Issues Alert on the Five Most Frequent Compliance Topics Identified in Examinations of Investment Advisers

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The SEC’s Office of Compliance Inspections and Examinations, or OCIE, has published a list of the five compliance topics most frequently identified in deficiency letters that are sent to SEC-registered investment advisers. Within each of these topics, OCIE includes a few examples of typical deficiencies to highlight the risks and... Read More

Topics: Investment Advisers, Private Equity